Binance removes trading pairs for Serum’s SRM token

TL:DR

•Binance has removed various trading pairs for Serum’s SRM token, including those against the Binance exchange token (BNB), Bitcoin (BTC), and Tether’s stablecoin (USDT).

• This decision comes as a result of the extreme uncertainty for Serum over the past month due to its links to FTX, which recently went bankrupt. There is speculation that someone at FTX holds keys to the decentralized Solana-based exchange.

• As a result of these concerns, many DeFi apps and developers have cut off access to the Serum project, including NFT marketplace Magic Eden.

• Some have attributed the disappearance of $400 million in funds from FTX to an insider hack amid ongoing speculation, casting doubt on the future of the safety of the Serum platform.

Binance drops Serum pairing

Binance, one of the world’s largest cryptocurrency exchanges, has removed various trading pairs for Serum’s SRM token. The pairs that have been removed include those against the Binance exchange token (BNB), Bitcoin (BTC), and Tether’s stablecoin (USDT). This follows Binance’s delisting of the SERM/USDT trading pair on January 27. At the time of writing, it is not clear why Binance has removed these trading pairs. However, this may be due to the recent controversy surrounding the Serum project. On January 28, it was revealed that a critical flaw had been found in theSerum smart contract. This flaw could have allowed attackers to mint an unlimited amount of SRM tokens. As a result of this news, the price of SRM tokens fell sharply. It is possible that Binance has removed the trading pairs in order to protect its users from potential losses.

The decision

This decision comes as a result of the extreme uncertainty for Serum over the past month due to its links to FTX, which recently went bankrupt. There is speculation that someone at FTX holds keys to the decentralized Solana-based exchange. As a result of these concerns, many DeFi apps and developers have cut off access to the Serum project, including NFT marketplace Magic Eden.

Some have attributed the disappearance of $400 million in funds from FTX to an insider hack amid ongoing speculation, casting doubt on the future of the safety of the Serum platform.

There is speculation that someone at FTX holds keys to the decentralized Solana-based exchange, and given the recent financial troubles of FTX, many users are concerned about the safety of their assets. While the Serum team has stated that user funds are safe and that they are working on a solution, the uncertainty has led to a drop in trading volume and confidence in the platform. As a result, several exchanges have decided to delist Serum, and it is unclear if or when the platform will be relisted. For now, users of Serum will have to find other ways to trade their assets.

The uncertain future

The cryptocurrency world was sent into a tailspin last month when derivatives exchange FTX filed for bankruptcy. The situation was made even more volatile when it was revealed that there were links between FTX and the decentralized exchange Serum, which is built on the Solana blockchain. These links put the future of Serum in jeopardy, as many people began to lose faith in the platform amid allegations of an insider hack.

Since then, things have only gotten worse for Serum. In addition to losing access to many important DeFi applications and platforms, Binance has now removed all trading pairs for SRM. This move further cements the uncertainty surrounding the project, as Binance is one of the largest exchanges in operation today. There is of course the speculation that the move was made by Binance as a final nail in the coffin toward FTX but there has not been any verifiable evidence towards that. Only time will tell whether or not Serum will be able to weather this storm. For now, it remains in a state of limbo as developers, investors, and users alike wait to see what will happen next.

binance removes serum

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